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January 19, 2010
Construction Pricing Bottomed in 2009, Headed Back Up in 2010
The Independent Contractors and Businesses Association (ICBA) is calling a new BTY Group construction cost forecast good news for the construction industry and the economy.
"Our research shows that the costs of almost all types of construction projects declined significantly in 2009 relative to 2008, but that they will begin rising again in 2010," said Joe Rekab, principal in the quantity surveying firm, the BTY Group.
ICBA President Philip Hochstein says this is a positive sign for a struggling construction industry and means that investor confidence and optimism is beginning to return.
"When you combine a 2010 projected rise in private sector housing starts and the 2010 impact of continued government infrastructure investment with record low borrowing rates, there is reason to believe that the worst of the recession may be over for our industry," said Hochstein. "And that is good news for the overall economy, as construction is one of the largest employers in BC and across Canada."
"For anyone planning a future construction project, you couldn't have stronger buy signals. Contractors are hungry for work now and we have relative lows in the cost of money and the cost of construction. This perfect market for buyers of construction services simply can't last. I would recommend clients lock down contracts and get building as soon as possible “says Hochstein.
A copy of the full BTY Market Intelligence report can be found at www.icba.ca
-30-
See chart below with summary of prices from report.
Contact:
Philip Hochstein, President
604-561-9402 -- Cell
604-298-7795 – Office
|
Project Type |
|
British Columbia |
|
|
2008 |
2009/2010 |
|
|
$ / m2 |
$ / sq. ft. |
$ / m2 |
$ / sq. ft. |
Health Care |
|
|
|
|
|
|
Residential Care |
2518 - 2648 |
234 - 246 |
1994 - 2096 |
185- 195 |
|
Ambulatory Care |
4461 - 4689 |
414 - 436 |
4198 - 4144 |
390 - 410 |
|
Acute Care |
5539 - 6042 |
514 - 562 |
5225 - 5700 |
485 - 530 |
Laboratories |
|
|
|
|
|
|
Research Laboratories |
5624 - 6216 |
522 - 577 |
5368 - 5934 |
499 - 551 |
|
Teaching Laboratories |
4602 - 5086 |
428 - 473 |
4192 - 4634 |
389 - 431 |
|
Animal Research |
7158 - 7912 |
665 - 735 |
6647 - 7347 |
618 - 683 |
High-rise Residential |
|
|
|
|
|
|
Rental Units |
2314 - 3068 |
215 - 285 |
2072 - 2664 |
192 - 247 |
|
Market Units Mid End Specifications |
2638 - 3498 |
245 - 325 |
2355 - 3027 |
219 - 281 |
|
Market Units High End Specifications |
3332 - 4418 |
310 - 410 |
2825 - 3633 |
262 - 338 |
Low-rise Residential |
|
|
|
|
|
|
Rental Units |
1647 - 2013 |
153 - 187 |
1273 - 1525 |
118 - 142 |
|
Market Units Mid End Specifications |
1744 -2132 |
162 - 198 |
1470 - 1760 |
137 - 164 |
|
Market Units High End Specifications |
2131 - 2605 |
198 - 242 |
1861 - 2229 |
173 - 207 |
Townhouses (Wood Frame) |
|
|
|
|
|
|
Rental Units |
1305 - 1595 |
121 - 148 |
1092 - 1308 |
101 - 122 |
|
Market Units Mid End Specifications |
1405 - 1717 |
131 - 160 |
1176 - 1408 |
109 - 131 |
|
Market Units High End Specifications |
1550 - 1894 |
144 - 176 |
1273 - 1525 |
118 - 142 |
Shopping Centres |
|
|
|
|
|
|
Strip Plaza |
1237 - 1733 |
115 - 161 |
1076 - 1507 |
100 - 140 |
|
Enclosed mall |
2847 - 3713 |
265 - 345 |
2476 - 3229 |
230 - 300 |
|
Anchor/Department Store |
2290 - 2847 |
213 - 265 |
1991 - 2476 |
185 - 230 |
|
Supermarket |
1733 - 2167 |
161 - 201 |
1507 - 1884 |
140 - 175 |
|
Discount Store |
1424 - 1980 |
132 - 184 |
1238 - 1722 |
115 - 160 |
Office (High-rise) |
|
|
|
|
|
|
Under 5 Storeys |
1647 - 2013 |
153 - 187 |
1421 - 1701 |
132 - 158 |
|
5 - 10 Storeys |
1966 - 2554 |
183 - 237 |
1752 - 2230 |
163 - 207 |
|
10 - 20 Storeys |
2341 - 3041 |
217 - 283 |
1895 - 2411 |
176 - 224 |
|
20 - 30 Storeys |
2528 - 3284 |
235 - 305 |
2179 - 2773 |
202 - 258 |
Roads - Paving |
|
$ / km Lane |
$ / km Lane |
|
Metro Highway Lane (Paving 200-280 mm) |
1,848,000 - 1,998,000 |
1,696,000 - 1,846,000 |
|
Non-Metro Highway Lame (Paving 200-280mm) |
2,048,000 - 2,194,000 |
1,877,000 - 2,027,000 |
Road Overpass Bridge Structure |
|
$ / m |
$ / m |
|
Metro 4 lane road steel girder Overpass |
37,798 - 47,099 |
36,865 - 44,956 |
|
Non-Metro 4 lane road steel girder Overpass |
41,502 - 51,715 |
40,4078 - 49,362 |
About ICBA (www.icba.ca)
ICBA services and represents B.C.'s construction sector. ICBA's members - who include both the Industrial, Commercial and Institutional (ICI) and residential construction sectors - are involved in virtually all major capital projects in British Columbia. |
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